Zero Hedge - After Hourshttp://www.zerohedge.com/taxonomy/term/9919/0
enThis Is Why Hewlett-Packard Is Firing 58,000http://www.zerohedge.com/news/2015-02-24/why-hewlett-packard-firing-58000
<p>The biggest scandal in today's release of Hewlett Packard Q1 earnings was not that, just as the Nasdaq is knocking on 5000's door, it reported revenues of $26.8 billion missing consensus expectations of $27.3 billion, while beating non-GAAP EPS by 1 cent to $0.92 (up from $0.90 a year ago) entirely due to a massive reduction in outstanding stock and some truly gargantuan non-GAAP addbacks (GAAP EPS <em>declined </em>from $0.74 a year ago to $0.73) pushing the stock down 7% after hours. </p>
<p>The biggest scandal was the company announced that having cut 44,000 workers so far, it will cut 58,000 jobs by the end of 2015. From Bloomberg:</p>
<ul>
<li><strong>HP SAYS HAS CUT 44,000 JOBS TO DATE</strong></li>
<li><strong>HP SAYS EXPECTS TO CUT 58,000 JOBS BY END OF FISCAL 2015</strong></li>
</ul>
<p>Incidentally, just 10 years ago Hewlett Packard <a href="http://articles.latimes.com/2005/jul/20/business/fi-hp20">employed a total of 58,000 people </a>in the entire US.</p>
<p>So why is the company axing 58 thousand workers? Simple: so it can cut enough costs on top and continue to fund its now exponential surge in stock buybacks, <strong>which in the just concluded quarter was a record $1.6 billion, an increase of 178% from a year ago, and 66% more than the company spent on CapEx, </strong>in the process making its shareholders even richer while its management team get massive equity-linked bonuses.</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/02/HPQ%20buybacks%20Q1%202015jpg.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015/02/HPQ%20buybacks%20Q1%202015jpg_0.jpg" width="600" height="400" /></a></p>
<p>Rinse. Repeat. </p>
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http://www.zerohedge.com/news/2015-02-24/why-hewlett-packard-firing-58000#commentsAfter HoursGAAPNASDAQWed, 25 Feb 2015 03:58:34 +0000Tyler Durden502459 at http://www.zerohedge.comUkraine 'Peace' Talks In Tatters: Defiant Putin "Won't Tolerate Unipolar World"; Hollande Proposes "Strong Autonomy" For Rebel Regionhttp://www.zerohedge.com/news/2015-02-07/peace-talks-tatters-defiant-putin-wont-tolerate-unipolar-world-order-biden-demands-g
<p>Just as the existing &#39;truce&#39; in Ukraine has been made a total <strong>farce </strong>as 1000s of military and civilians have been killed, so any &#39;hope&#39; that this weekend&#39;s &quot;peace efforts&quot; will result in anything but more talk is rapidly diminishing... Germany&#39;s <strong>Merkel exclaimed honestly that it&#39;s &quot;uncertain whether this will be successful,&quot;</strong> seemingly resigned to the fact as she added, &quot;but it&#39;s at least worth making an attempt.&quot; French President <strong>Hollande admitted that Ukraine&#39;s eastern regions likely need &quot;strong autonomy.&quot;</strong> Ukraine&#39;s Poroshenko blustered that he &quot;trusts&quot; Merkel, that the economy is collapsing (more money please), that the <strong>country does not need peacekeepers and a lack of arms is fueling conflict</strong> (so send us weapons) while pushing for a Russian withdrawal and quick cease-fire.&nbsp; Finally Vladimir <strong>Putin blasted that Russia is unwilling to tolerate a post-Cold War global system dominated by one absolute leader</strong>, to which US VP Joe <strong>Biden remarked simply &quot;get out of Ukraine.&quot;</strong> <em>But apart from that, talks are going great...</em></p>
<p>&nbsp;</p>
<p>Stocks rallied after hours on Friday on a spurious headline that peace talks were progressing...</p>
<p>&nbsp;</p>
<p>That appears to be entirely false...</p>
<p><strong>Merkel... not optimistic...</strong> (via Bloomberg)</p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&quot;It&rsquo;s uncertain whether this will be successful, but in my view and in the view of the French president, it&rsquo;s at least worth making an attempt,&rdquo;</strong> Merkel says in speech at the Munich Security Conference. &ldquo;I feel that we at least owe it to those affected in Ukraine.&rdquo;</p>
<p>&nbsp;</p>
<p><strong>&ldquo;Russia needs to show its contribution&rdquo;</strong> in defusing Ukraine crisis, Merkel says.</p>
<p>&nbsp;</p>
<p><strong>&quot;This conflict can&rsquo;t be solved militarily,&quot; </strong>Merkel says</p>
<p>&nbsp;</p>
<p>Minsk accord must be fulfilled: Merkel</p>
</blockquote>
<p><strong>Hollande... does not see a united Ukraine anytime soon</strong> <em><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.francetvinfo.fr%2Fmonde%2Feurope%2Fmanifestations-en-ukraine%2Fle-plan-de-francois-hollande-prevoit-la-creation-d-une-zone-delimitarisee-en-ukraine_818681.html%23xtatc%3DINT-5&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNEJ-5lk-s9jQ6IqG7RrvPl2fJT2YQ">(via France24)</a></em></p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>French President Francois Hollande called for &ldquo;quite strong&rdquo; autonomy for Ukraine&rsquo;s eastern regions</strong> while speaking on France 2 TV. He also revealed part of the joint plan discussed in Moscow on the conflict&rsquo;s solution. On Saturday, Hollande said that the eastern Ukrainian regions of Donetsk and Lugansk need &ldquo;rather strong&rdquo; autonomy from Kiev.</p>
<p>&nbsp;</p>
<p><u><strong>&ldquo;These people have gone to war,&quot; Hollande explained &quot;It will be difficult to make them share a common life [with Kiev].&quot;</strong></u></p>
</blockquote>
<p><strong>Ukrainian President Poroshenko appears tro demand more money and weapons...</strong></p>
<ul>
<li><strong>*POROSHENKO: 5,638 PEOPLE KILLED IN UKRAINE CONFLICT SO FAR</strong></li>
<li><strong>*POROSHENKO: UKRAINE HAS LOST 20% OF ITS INDUSTRIAL OUTPUT</strong></li>
<li><strong>*POROSHENKO: ONLY THE MINSK AGREEMENT CAN STABILIZE UKRAINE</strong></li>
<li><strong>*POROSHENKO: UKRAINE&#39;S LACK OF ARMS IS FUELING CONFLICT</strong></li>
<li><strong>*POROSHENKO SAYS UKRAINE DOESN&#39;T NEED PEACEKEEPERS NOW</strong></li>
<li><strong>*POROSHENKO SAYS PRIORITY IS CEASE-FIRE, RUSSIAN PULLOUT</strong></li>
</ul>
<p><strong>Russia&#39;s Lavrov slammed NATO...</strong></p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><ul>
<li><strong>*LAVROV TOLD STOLTENBERG NATO&#39;S BUILDUP PROVOKING CONFRONTATION</strong></li>
<li><strong>*LAVROV SAYS NATO BUILDUP WORSENS TENSIONS, UNDERMINES SECURITY</strong></li>
<li><strong>*LAVROV: NATO BACKING UKRAINE&#39;S CRACKDOWN WON&#39;T FACILITATE PEACE</strong></li>
</ul>
<p><strong>NATO&rsquo;s backing for crackdown by Ukrainian govt in southeast doesn&rsquo;t facilitate peaceful settlement of conflict,</strong> Russian Foreign Minister Sergei Lavrov tells military alliance&rsquo;s Secretary General Jens Stoltenberg.</p>
<p>&nbsp;</p>
<p>NATO course to boost its military presence, infrastructure on its eastern flank, &ldquo;substantial increase&rdquo; in number of drills near Russia&rsquo;s border<strong><u> worsen tension, provoke confrontation, undermine &ldquo;entire system&rdquo; of Euro-Atlantic security.</u></strong></p>
</blockquote>
<p>Putin added some more strategic spice... (via Bloomberg)</p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>Russian President Vladimir Putin struck a defiant tone</strong> a day after talks in Moscow with the leaders of Germany and France failed to achieve a breakthrough in resolving the Ukraine crisis.</p>
<p>&nbsp;</p>
<p><u><strong>Russia won&rsquo;t tolerate the post-Cold War global system dominated by a single leader,</strong></u> Putin said Saturday at a meeting with the Federation of Independent Trade Unions in Sochi.</p>
<p>&nbsp;</p>
<p><u><strong>&ldquo;That type of world order has never been acceptable for Russia,&rdquo; Putin said. &ldquo;Maybe someone likes it and wants to live under a pseudo-occupation, but we won&rsquo;t put up with it.&rdquo;</strong></u></p>
</blockquote>
<p><strong>To which US VP Joe Biden responded...</strong><a href="http://www.cnn.com/2015/02/07/politics/joe-biden-putin-ukraine/index.html"><em> (via CNN)</em></a></p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Vice President Joe Biden served up some blunt talk on Saturday, telling Russian President<strong> Vladimir Putin simply to &quot;get out of Ukraine.&quot;</strong></p>
<p>&nbsp;</p>
<p>...</p>
<p>&nbsp;</p>
<p>Speaking at the Munich Security Conference in Germany, <u><strong>Biden said the conflict had moved beyond the need for a &quot;reset&quot; with the relationship, instead requiring a &quot;re-assertion&quot; of the &quot;fundamental bedrock principles on which European freedom and stability rest.&quot;</strong></u></p>
<p>&nbsp;</p>
<p>&quot;We must judge ... any future agreement with Russia by the actions Russia takes on the ground, not by the paper they sign,&quot; Biden said. &quot;Given Russia&#39;s recent history, we need to judge it by its deeds, not its words. Don&#39;t tell us, show us, President Putin. <strong>Too many times President Putin has promised peace and delivered tanks, troops, and weapons.&quot;</strong></p>
<p>&nbsp;</p>
<p>...</p>
<p>&nbsp;</p>
<p><u><strong>&quot;We will continue providing Ukraine with security assistance, not to encourage war, but to allow Ukraine to defend itself,&quot; </strong></u>he said. &quot;Let me be clear: We do not believe that there is a military solution in Ukraine. Let me be equally clear:<strong> We do not believe Russia has the right to do what they&#39;re doing</strong>.&quot;</p>
</blockquote>
<p>*&nbsp; *&nbsp; *</p>
<p>But apart from that, talks are progressing nicely...</p>
<ul>
<li><strong>*POROSHENKO: WILL HAVE AN ANSWER ON CEASEFIRE IN HOURS OR DAYS (or weeks or months or never)</strong></li>
</ul>
<p>And as Daniel Hannan notes<a href="http://www.capx.co/putin-is-outplaying-merkel-and-hollande-in-the-ukraine-crisis/"><em> (via CapX.com),</em></a></p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>...in a throwback to the Khruschev and Brezhnev eras, the Kremlin is seeking to detach Germany and France from Nato&rsquo;s more hawkish Anglo-Saxon members.</strong> Angela Merkel and François Hollande oppose sending military or logistical support to Ukraine, and Vladimir Putin is now dealing directly with them, pointedly excluding Britain, the United States and Canada.</p>
<p>&nbsp;</p>
<p><strong>In theory, a peace settlement might be hammered out. </strong>While we don&rsquo;t know the details of the current negotiations, the broad outlines of a deal were visible by the end of last year. Russia would, in effect, buy back the Crimea, possibly for a sum based on the capitalisation of its annual rent of the naval facilities there. The international community would recognise the new frontier &ndash; Crimea, after all, was the one part of Ukraine where there really was popular support for an Anschluss with Russia &ndash; and Russia, in exchange, would withdraw from the grim industrial towns of the Donets basin. Some form of local autonomy might well be part of the deal &ndash; a worthwhile reform in itself in a territory as large as Ukraine.</p>
<p>&nbsp;</p>
<p><strong>Here, though, is the question. Does Putin really want peace? </strong>Is his aim victory &ndash; and recognition of the annexation of Crimea would certainly constitute victory of a kind &ndash; or is it a continuation of the crisis? The conflict, after all, has sent his approval ratings above 80 per cent. <strong>When you are presiding over both poverty and autocracy, you need something else to legitimise your regime, and that something else, for Putin, is the sense of nationalism and unity engendered by a conflicts involving Russian irredenti.</strong></p>
<p>&nbsp;</p>
<p>...</p>
<p>&nbsp;</p>
<p><strong>The West never quite knows how to handle Vladimir Putin, and the crisis in Ukraine is, at least in part, a consequence of our prevarication.</strong></p>
<p>&nbsp;</p>
<p><a href="http://www.capx.co/putin-is-outplaying-merkel-and-hollande-in-the-ukraine-crisis/"><u><em><strong>Read more here...</strong></em></u></a></p>
</blockquote>
<p>*&nbsp; *&nbsp; *</p>
<p>Perhaps - in the same way - US leadership needs a &#39;foreign&#39; boogey-man to focus national attention away from what is under the surface a weak and extremely divided economic &#39;recovery&#39;?</p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Nineteenth-century German historians had a phrase, Primat der Innenpolitik, meaning that <strong>all foreign policy was essentially driven by domestic concerns</strong>. One government would pick a fight with another, not because of geopolitical imperatives, but in order to shore up its support at home.</p>
<p>&nbsp;</p>
<p>Shakespeare has Henry IV give his son some advice from the deathbed: <strong>&ldquo;Be it thy course to busy giddy minds with foreign quarrels&rdquo;</strong></p>
</blockquote>
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http://www.zerohedge.com/news/2015-02-07/peace-talks-tatters-defiant-putin-wont-tolerate-unipolar-world-order-biden-demands-g#commentsAfter HoursDaniel HannanFranceGermanyJoe BidenNationalismratingsrecoveryUkraineVladimir PutinSat, 07 Feb 2015 19:00:19 +0000Tyler Durden501596 at http://www.zerohedge.comBlackBerry Shares Crash Back To Earth After Company Denies Samsung Rumorhttp://www.zerohedge.com/news/2015-01-14/blackberry-shares-crash-back-earth-after-company-denies-samsung-rumor
<p><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.benzinga.com%2Fnews%2F14%2F10%2F4933512%2Fexclusive-lenovo-could-make-an-offer-for-blackberry-as-early-as-this-week&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHTRPuUD44JtA8dY4nT09Q7_Hjraw">In October, BBRY shares spiked (and dumped) on rumors that Lenovo had made an offer.</a> Today, after a detailed report from <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.benzinga.com%2Fnews%2F14%2F10%2F4933512%2Fexclusive-lenovo-could-make-an-offer-for-blackberry-as-early-as-this-week&amp;sa=D&amp;sntz=1&amp;usg=AFQjCNHTRPuUD44JtA8dY4nT09Q7_Hjraw"><strong>Reuters explained that Samsung executives had offered to takeover the troubled phone-maker</strong> (or whatever they call themselves nowadays) and the stocks spiked up nearly 40%</a> - perfectly running stopw through the mid-Nov highs and squeezing shorts out of the market... and now - after hours - <span style="text-decoration: underline;"><strong>BlackBerry issues a statement denying the whole thing...</strong></span> rigged much?</p>
<p>&nbsp;</p>
<ul>
<li><strong>1543ET - *BLACKBERRY RECENTLY APPROACHED BY SAMSUNG ON TAKEOVER: REUTERS</strong></li>
<li><strong>1543ET - *SAMSUNG PROPOSED PAYING $13.35-$15.49/SHR FOR BBRY: REUTERS</strong></li>
</ul>
<p><a href="http://www.reuters.com/article/2015/01/14/us-blackberry-m-a-samsung-exclusive-idUSKBN0KN2FW20150114">As Reuters reported,</a></p>
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<p><strong>Samsung Electronics Co Ltd (005930.KS) recently approached BlackBerry Ltd (BBRY.O) (BB.TO) about buying the smartphone maker for as much as $7.5 billion in a play for its patent portfolio, according to a person familiar with the matter and documents seen by Reuters.</strong></p>
<p>&nbsp;</p>
<p>South Korea's Samsung proposed an initial price range of $13.35 to $15.49 per share, representing a premium of 38 percent to 60 percent over BlackBerry's current trading price, the source said.</p>
<p>&nbsp;</p>
<p>Executives from the two companies, which are working with advisers, met last week to discuss a potential transaction, <strong>the source said, asking not to be identified because the conversations are private.</strong></p>
</blockquote>
<p>*&nbsp; *&nbsp; *</p>
<p>And then... at 1730ET</p>
<blockquote><div class="quote_start">
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</div>
<div class="quote_end">
<div></div>
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<p>BlackBerry Limited (NASDAQ: BBRY)(TSX: BB) ("BlackBerry") is aware of certain press reports published today with respect to a possible offer by Samsung to purchase BlackBerry. BlackBerry has not engaged in discussions with Samsung with respect to any possible offer to purchase BlackBerry. BlackBerry's policy is not to comment on rumors or speculation, and accordingly it does not intend to comment further.</p>
</blockquote>
<ul>
<li><strong>*BLACKBERRY AWARE OF REPORTS ON POSSIBLE OFFER BY SAMSUNG</strong></li>
<li><strong>*BLACKBERRY NOT IN TALKS WITH SAMSUNG</strong></li>
</ul>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/01/20150114_BBRY.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2015/01/20150114_BBRY_0.jpg" width="600" height="498" /></a></p>
<p>* * * Seems like basically every two months someone uses some pseudo-relevant media outlet to pump and dump BBRY shares... paging the SEC?</p>
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http://www.zerohedge.com/news/2015-01-14/blackberry-shares-crash-back-earth-after-company-denies-samsung-rumor#commentsAfter HoursNASDAQReutersWed, 14 Jan 2015 22:42:08 +0000Tyler Durden500417 at http://www.zerohedge.comThis Is The Devastation That Follows When Stock Buybacks Grind To A Halt (Hint: Herbalife)http://www.zerohedge.com/news/2014-11-03/devastation-follows-when-stock-buybacks-ineviitably-grind-halt-hint-herbalife
<p>Moments ago Herbalife reported earnings that were abysmal. In a nutshell, the company not only missed the top and bottom line:</p>
<ul>
<li>HERBALIFE REPORTS 3Q ADJ. EPS $1.45, EST. $1.51</li>
<li>HERBALIFE 3Q NET SALES $1.26B,&nbsp; EST. 1.31BN</li>
</ul>
<p>But also slashed guidance:</p>
<ul>
<li>HERBALIFE SEES YR ADJ EPS $5.80- $5.90, EST. $6.26, SAW $6.17-$6.32</li>
<li>HERBALIFE SEES 4Q SALES DOWN 5%-DOWN 8%, EST. UP 8%</li>
<li>HERBALIFE SEES YR NET SALES UP 3.5%-4.3%, SAW UP 8.5%-10.5%</li>
</ul>
<p>Why? Precisely the reason why <a href="http://www.zerohedge.com/news/2014-07-28/why-herbalife-crashing-after-hours-two-charts">we warned last quarter </a>that Herbalife, which may or may not be a Ponzi, is now nothing but a "melting icecube":</p>
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<p>... the real reason why the party may be ending is that HFL's net debt has exploded in the past year by over $1 billion. In other words, all the company's cash creation and <strong>all of its debt issuance in 2014 has gone exclusively toward buying back its stock</strong>.</p>
<p>&nbsp;</p>
<p>At this rate quite soon HLF will have no additional debt capacity for futher buybacks. <strong>Worse, even if its were to use all its organic cash to repurchase stock it will be nowhere near enough to match what buybacks have been in the past year, which some may argue is the only reason why the stock has stay afloat at its current levels.</strong></p>
</blockquote>
<p>And sure enough, this is perhaps the most important chart explaining Herbalife's absolutely abysmal numbers. In Q3 of this year, <strong>Herbalife repurchased less than $1 <span style="text-decoration: underline;"><em>m</em></span>illion in stock</strong> after relentlessly loading up in the first two quarters thank to a massive debt-funded buyback spree, just as we warned would happen. </p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20stock%20buyback_1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20stock%20buyback_1_0.jpg" width="600" height="444" /></a></p>
<p>&nbsp;</p>
<p>The reason: Herbalife's the net debt is, just as expected, suddenly too damn high, because even with zero buybacks, <strong>HLF net debt rose yet again to a new all time high.</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20net%20debt.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20net%20debt_0.jpg" width="600" height="448" /></a></p>
<p>&nbsp;</p>
<p>Worst of all, this is happening just as Herbalife's cash from operations are also about to grind to a halt, and in Q3 were the lowest in years! In fact, should the decline continue at this pace, we assume HLF will file for bankruptcy within 12-18 months, regardless of whether it is found to be a pyramid scheme or not.</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20cash%20from%20ops.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/11/HLF%20cash%20from%20ops_0.jpg" width="600" height="437" /></a></p>
<p>&nbsp;</p>
<p>The conclusion? Same as <a href="http://www.zerohedge.com/news/2014-07-28/why-herbalife-crashing-after-hours-two-charts">last quarter</a>:</p>
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<p>So, is Ackman going to have the last laugh? Or will Ichan end up LBOing the company - even if at a huge ultimate loss - just to spite the fellow hedge fund manager with whom he has supposedly kissed and made up? We will find out soon, because if Herbalife is to be LBOed, Icahn knows that the window in which bond investors are willing to take a gamble on this melting icecube is closing fast.</p>
</blockquote>
<p>And this is what just happened after hours as the endgame was finally revealed:</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/11/20141103_HLF.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/11/20141103_HLF_0.jpg" width="600" height="433" /></a></p>
<p>&nbsp;</p>
<p>Upcoming bankruptcy (or LBO) of Herbalife aside, the bigger lesson here is that this company is merely a case study of what will soon happen to all those other thousands of companies which took the easy way out to satisfy activist shareholders, loaded up on debt, bought back a ton of stock, and suddenly find themselves hitting an iceberg, dragged down by a few thousand tons of <span style="text-decoration: line-through;">debt</span> steel, and without a single life boat in sight. </p>
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http://www.zerohedge.com/news/2014-11-03/devastation-follows-when-stock-buybacks-ineviitably-grind-halt-hint-herbalife#comments8.5%After HoursBondLBOMon, 03 Nov 2014 22:09:25 +0000Tyler Durden496905 at http://www.zerohedge.comIs It About To Get Worse? Lakeland Hazmat Suit Orders Go Exponential, Surpass 1 Millionhttp://www.zerohedge.com/news/2014-10-29/it-about-get-worse-lakeland-hazmat-suit-orders-go-exponential-surpass-1-million
<p>Almost exactly a month ago, long before the Texas Ebola fiasco, when virtually nobody had heard of a small company out of Ronkonkoma, NY called Lakeland Industries and whose only product is "<em>industrial protective clothing for industry, municipalities, healthcare and to first responders</em>" i.e., Hazmat suits, <a href="http://www.zerohedge.com/news/2014-10-01/how-bad-could-it-get-us-government-order-160000-hazmat-suits-gives-clue">we asked </a>"i) who will get sick next and ii) how bad could it get?" For the answer we focused on the recently announced order of 160,000 Hazmat suits by the US State Department which had come at a time when the CDC was urging everyone that there is nothing to fear and that Ebola is under control. Not surprisingly, shortly thereafter the Ebola situation promptly escalated and led to not only the first Ebola death and Ebola transmission on US territory, but also the first Ebola infection in New York City. </p>
<p>Fast forward to today when shortly after the close, and minutes after it announced the completion of another $11 million follow on offering, Lakeland surprised everyone, and especially those who are short the stock, when it released the following "<a href="http://www.prnewswire.com/news-releases/lakeland-industries-provides-update-on-business-activity-relating-to-ebola-crisis-280830452.html">Update on Business Activity Relating to Ebola Crisis</a>" in which it announced that it has, by now, received a stunning 1 million Hazmat suit orders and rising exponentially. </p>
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<p>Through its direct sales force and numerous distribution partners throughout the world, Lakeland has secured new orders relating to the fight against the spread of Ebola.&nbsp; Orders have been received from government agencies around the world as well as other public and private sector customers.&nbsp; Certain of these contracts require weekly delivery guarantees or shipments through the first calendar quarter of 2015.&nbsp; <strong>The aggregate of orders won by Lakeland that are believed to have resulted from the Ebola crisis amount to approximately 1 million suits with additional orders for other products, such as hoods, foot coverings and glove</strong>s.&nbsp; Lakeland started shipping such orders only in October, which is the end of its fiscal 2015 third quarter reporting period.&nbsp; The main impact from Ebola-related orders received to date will not be realized until the Company's fiscal 2015 fourth quarter ended January 31, 2015.&nbsp; </p>
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<p>Additionally:</p>
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<p>Monthly production capacity for sealed seam ChemMAX and MicroMAX protective suit lines has increased by nearly 50% from August 2014, prior to Ebola-related product demand, to October 2014, and is on track for a 100% increase from that level by January 2015, with the ability for additional increases as needed.&nbsp; Substantially all of the available production capacity in August 2014 had been allocated to purchases by the Company's industrial customers (for non-Ebola related purposes).&nbsp; The Company will continue to service its industrial customers who are dependent upon Lakeland to conduct their work safely.&nbsp; The expanded capacity is necessary in order to meet obligations for both traditional customers as well as for protection against the spread of Ebola. </p>
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<p>Conveniently enough, we put the 1 million Hazmat suits in context just <a href="http://www.zerohedge.com/news/2014-10-15/ebola-context-liberia-needs-80000-body-bags-1-million-hazmat-suits">two weeks ago </a>when it was revealed that Ebola-stricken Liberia alone needs about 1 million suits for its population. </p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10/20141015_liberia.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10/20141015_liberia_0.jpg" width="600" height="434" /></a></p>
<p>Some additional context: earlier today the World Health Organization said that 4,910 people had died of Ebola and anew record, or 13,676 confirmed, probable or suspected cases, had been reported in the three hardest-hit countries of Guinea, Liberia and Sierra Leone. </p>
<p>As we said in the summery when the Ebola cases in those countries were orders of magnitude fewers, "let's hope these cases do not cross borders and certainly not the Atlanic."</p>
<p>Finally, to remind everyone what the hoopla is all about, and why LAKE stock was up 30% after hours despite the equity dilution, here is what a Lakeland suit looks like... and costs. Something tells us LAKE's $60 million market cap as of today's close will be quite a bargin in the coming months. Especially with 44% of the float short. </p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Lakeland_1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Lakeland_1_0.jpg" width="600" height="545" /></a></p>
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http://www.zerohedge.com/news/2014-10-29/it-about-get-worse-lakeland-hazmat-suit-orders-go-exponential-surpass-1-million#commentsAfter HoursNew York CityThu, 30 Oct 2014 02:26:17 +0000Tyler Durden496470 at http://www.zerohedge.comClip Of Unmanned NASA Rocket Exploding Shortly After Takes Off http://www.zerohedge.com/news/2014-10-28/unmanned-nasa-rocket-explodes-shortly-after-takes
<p>Several months ago, a Russian rocket, carrying Russia's most advanced communications satellite, <a href="http://www.zerohedge.com/news/2014-05-15/rocket-carrying-russias-most-advanced-communications-satellite-crashes-take">exploded on </a>launch and the west was amused at Russia's seeming incompetence, while birthing extensive speculation of the NSA's involvement. Well, moments ago either Karma, or Russian hackers, intervened, and 6 seconds after launch, the NASA unmanned Antares rocket of rocket-maker Orbital Sciences, likewise ended its mission prematurely in a massive flaming fireball.</p>
<p><em>A video of the explosion:</em></p>
<p>
<iframe src="//www.youtube.com/embed/jHMmMgdcOSU" width="600" height="338" frameborder="0"></iframe></p>
<p>Another angle"</p>
<p><iframe width="560" height="315" src="//www.youtube.com/embed/MZ0SgAU9LXI" frameborder="0" allowfullscreen></iframe></p>
<p>&nbsp;</p>
<p><em>Stills:</em></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/Anteres%20Rocket%202.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/Anteres%20Rocket%202.png" width="600" height="337" /></a></p>
<p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/Anteres%20Rocket_0.png" width="600" height="330" /></p>
<p>&nbsp;</p>
<p>Live feed from NASA of the remains:</p>
<p>
<iframe src="http://www.ustream.tv/embed/6540154?v=3&amp;wmode=direct" width="600" height="370" frameborder="0" scrolling="no"> </iframe><br />
<br /><a href="http://www.ustream.tv" target="_blank" style="font-size: 12px; line-height: 20px; font-weight: normal; text-align: left;">Broadcast live streaming video on Ustream</a></p>
<p>The stock of the rocket-maker ORB appears to be likewise in flames after hours, down some 8.5% at last check.</p>
<p><em>More details on the <a href="http://www.dailypress.com/news/science/dp-nws-orb-three-launch-cover-20141028-story.html">mission prior to its terminal failure</a>:</em></p>
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<p>An unmanned Antares rocket is scheduled to launch from the Mid-Atlantic Regional Spaceport (MARS) on the Eastern Shore about 6:45 p.m. today, boosting a Cygnus cargo freighter to rendezvous with the International Space Station. </p>
<p>&nbsp;</p>
<p>The launch of the Antares — a medium-lift rocket — should be visible throughout Hampton Roads and the mid-Atlantic. It's carrying a Cygnus spacecraft packed with about 5,000 pounds of cargo — the heaviest payload to date for rocket-maker Orbital Sciences Corp.</p>
<p>&nbsp;</p>
<p>The Cygnus is expected to remain in orbit for several days before berthing with the space station in the early hours of Nov. 2, when station crew are set to use a robotic arm to grapple the spaecraft into port. Station astronauts will unpack provisions, hardware and science experiments, then begin to reload the craft with trash — or disposable cargo — that will eventually burn up in the atmosphere upon rentry.</p>
<p>&nbsp;</p>
<p>Cargo spacecraft typically remain at the space station for about 30 days before making their return flight.</p>
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<p><em>And from the official <a href="http://www.nasa.gov/press/2014/october/nasa-wallops-preparations-on-track-for-tonight-s-orbital-sciences-launch-to/#.VFAZiXs4euo">NASA press release:</a></em><a href="http://www.nasa.gov/press/2014/october/nasa-wallops-preparations-on-track-for-tonight-s-orbital-sciences-launch-to/#.VFAZiXs4euo"></a></p>
<p>NASA Wallops Preparations on Track for Tonight’s Orbital Sciences Launch to International Space Station</p>
<p>Ahead of the third U.S. commercial resupply mission to the International Space Station by Orbital Sciences Corp., NASA’s Wallops Flight Facility in Virginia continues to enable successful launches from the Eastern Shore. Orbital’s Antares rocket carrying 5,000 pounds of NASA cargo aboard the company’s Cygnus spacecraft is scheduled to liftoff at 6:22 p.m. EDT this evening from Pad 0A of the Mid-Atlantic Regional Spaceport at Wallops.</p>
<p>A Monday launch attempt was scrubbed because a boat was inside the range safety zone southwest of the launch pad.</p>
<p>“Wallops is home to NASA’s only owned and operated launch range, providing safety, area clearance, tracking and telemetry, and logistical support to range users like Orbital Sciences,” said Bill Wrobel, Wallops director. “Public safety is our top priority for launch operations and the teams at Wallops have done a tremendous job getting ready to support these launches. But, we also need the public’s help to ensure the safe and successful beginning of these resupply missions to the International Space Station.”</p>
<p>On Monday evening, a sailboat about 26 feet long entered the hazard zone early in the launch count. The hazard area for the launch of Antares is about 1,400 square miles off the coast of Wallops Island along the Eastern Shore of Virginia. Radar aircraft detected the boat and hailed it several times, but there was no response. A spotter plane made multiple passes around the boat at low altitudes using commonly understood signals such as wing waving to establish contact. However, the operator did not respond.</p>
<p>The boat was traveling very slowly at a speed of about four knots and remained in the hazard area at the time of Orbital’s scheduled launch. The presence of the boat exceeded a mandatory safety requirement for launch, scrubbing the launch to Tuesday.</p>
<p>Well-ahead of launch operations, two public notifications, notices to mariners (NOTMARs) and the notification for the establishment of an Army Corps of Engineers Danger Zone, are released. Boats under way in the ocean also are requested to monitor marine band radio channel 16 for safety messages and communication with marine authorities.</p>
<p>Nine hours before the scheduled lift-off time, Wallops' area clearance personnel are in active communication on the marine band radio with boaters traveling in and near the established hazard area. This early in the countdown, the area clearance officer is actively working to keep the area cleared by contacting boaters about the upcoming launch operation. More complex surveillance of the area begins four hours prior to liftoff with the Coast Guard, Coast Guard Auxiliary, the Virginia Marine Police and Contract Surveillance Boats, about seven to eight boats actively patrolling the area. Three hours prior to launch, a radar aircraft, spotting aircraft, and helicopter are used to surveil the area.</p>
<p>Among the science cargo Cygnus will transport to the space station are a study to enable the first space-based observations of meteors entering Earth’s atmosphere, a multitude of student investigations covering topics such as the effects of microgravity on plant growth and the rates of milk spoilage in space and international research including a study to determine how blood flows from the brain to the heart in the absence of gravity. A launch attempt Tuesday evening will result in Cygnus arriving to the space station Sunday, Nov. 2.</p>
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http://www.zerohedge.com/news/2014-10-28/unmanned-nasa-rocket-explodes-shortly-after-takes#comments8.5%After HoursMarsTue, 28 Oct 2014 22:36:53 +0000Tyler Durden496375 at http://www.zerohedge.comFaceBook Crashing After Hours After Guiding Sharply Lower Q4 Revenue Growthhttp://www.zerohedge.com/news/2014-10-28/us-and-canada-there-are-13-facebook-users-every-employed-worker
<p><em><strong>Update: </strong></em>the reason FB stock is now crashing is because moments ago, the CFO stunned the investing community when he announced that FaceBook costs next year will go up by 55-75% while forecasting revenue growth of 40 percent to 47 percent in the final quarter of 2014. <strong>That's down sharply from 59 percent in the third quarter</strong>. He also announced that WhatsApp, FB's $19 billion acquisition, was "accretive" to the tune of a $232 million loss in the past 6 months. Stock now down over 10%. As a reminder, according to Goldman there are some 126 hedge funds long FB stock as of June 30.</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141028_FB.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141028_FB_0.jpg" width="499" height="440" /></a></p>
<p>&nbsp;</p>
<p>And then there's this:</p>
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p><a href="https://twitter.com/zerohedge">@zerohedge</a> yeah those thumbs get more accurate on the 6+ too, so there goes 20% of those accidental taps.</p>
<p>&mdash; Reaper Capital (@ReaperCapital) <a href="https://twitter.com/ReaperCapital/status/527222839230103552">October 28, 2014</a></p></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p>
<p>***</p>
<p>Moments ago, Facebook reported, as part of its Q3 earnings report in which it beat both the top and the bottom line with $0.43 in non-GAAP EPS on a 35% non-GAAP tax rate, and $0.30 in GAAP EPS on 40% in GAAP taxes), that it now has some 1.35 billion in monthly active users, or about 20% of the world's population. For those interested, the full breakdown of FB's mostly non-GAAP data <a href="http://investor.fb.com/common/download/download.cfm?companyid=AMDA-NJ5DZ&amp;fileid=789303&amp;filekey=06decc7b-0588-4a52-a8dd-3a591ab02395&amp;filename=FBQ314EarningsSlides20141027.pdf">can be found here</a>, but here is what stuck out to us. Facebook reported that its Monthly Active Users for the US and Canada - the segment that generates roughly half of all FB sales - rose, at a pace of about 700,000 per month, to a record 206 million. Putting that number in context: in the same two countries, there are currently about 155 million people employed. In other words, <strong>there are about 1.3 Facebook users for every single employed person in the US and Canada.</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/FB%20vs%20workers_1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/FB%20vs%20workers_1_0.jpg" width="600" height="435" /></a></p>
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http://www.zerohedge.com/news/2014-10-28/us-and-canada-there-are-13-facebook-users-every-employed-worker#commentsAfter HoursGAAPTue, 28 Oct 2014 21:20:39 +0000Tyler Durden496371 at http://www.zerohedge.comIs This The Reason Twitter Is Tumbling After Hours?http://www.zerohedge.com/news/2014-10-27/reason-twitter-tumbling-after-hours
<p>While overall Twitter's just released <a href="http://files.shareholder.com/downloads/AMDA-2F526X/3577709514x0x788748/f4e10acb-40f6-4aa7-bf0f-32c0afec04bf/Q314_Selected_Company_Metrics_and_Financials_oiewhro28hthaliejf203joqijf.pdf">Q3 numbers </a>were more or less in line as expected, with Q3 EPS printing at just a penny, the same as expected on $361 million in revenues, $10 million higher than the $351 million consensus estimate, and even EBITDA of $68 million beating estimates of $52.8 million, the stock has tumbled by some 12% since reporting after hours. </p>
<p>And while the headline data appear normal, it is one of the gimmicky, non-GAAP "twitter-specific" indicators that the company came up with just to validate its growth story that appears to be the cause of the drop after hours, namely <a href="http://files.shareholder.com/downloads/AMDA-2F526X/3572716306x0x788747/b8be4df5-859b-430c-a8e1-94bed7b7774c/2014_Q3_Earnings_Slides_iwhrgtpqewrugh83hg3qwlwiejf.pdf">TWTR's Timeline Views/MAU</a>, which declined across the board, and were down in both the US and Worldwide not only Y/Y (by -6% and -7%, respectively), but also down compared to the second quarter. </p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/Twtr%20MAU.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/Twtr%20MAU_0.jpg" width="600" height="383" /></a></p>
<p>Is this the end of the great non-GAAP growth story? Judging by the market cap, which just lost about $3 billion in value, the answer may be yes.</p>
<p>&nbsp;</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141027_TWTR.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141027_TWTR_0.jpg" width="600" height="635" /></a></p>
<p>&nbsp;</p>
<p>Mark Mahaney seems to think its all ok from here...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141027_TWTRANR.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141027_TWTRANR_0.jpg" width="600" height="592" /></a></p>
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http://www.zerohedge.com/news/2014-10-27/reason-twitter-tumbling-after-hours#commentsAfter HoursTwitterTwitterMon, 27 Oct 2014 20:19:12 +0000Tyler Durden496260 at http://www.zerohedge.comWhy Amazon Is Crashing: Jeff Bezos' Nightmare Quarters In Chartshttp://www.zerohedge.com/news/2014-10-23/why-amazon-crashing-jeff-bezos-nightmare-quarters-charts
<p>The only six charts you need to know why the Amazon dream is over and why AMZN stock is currently crashing after hours to fresh 52 week lows.</p>
<p><strong>Total employees and global sales growth:</strong></p>
<p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%201_0.jpg" width="600" height="355" /></p>
<p>&nbsp;</p>
<p><strong>Quarterly Operating and Net Income</strong></p>
<p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%202_0.jpg" width="600" height="351" /></p>
<p>&nbsp;</p>
<p><strong>Operating Margin: whoosh</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%203.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%203_0.jpg" width="600" height="366" /></a></p>
<p>&nbsp;</p>
<p><strong>LTM Operating Margin: at 0.1% it is pretty much the lowest ever.</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%204.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%204_0.jpg" width="600" height="326" /></a></p>
<p>&nbsp;</p>
<p><strong>Q3 over time for profit and net income</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%205..jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%205._0.jpg" width="600" height="358" /></a></p>
<p>&nbsp;</p>
<p><strong>And for operating margin</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%206.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/AMZN%206_0.jpg" width="600" height="393" /></a></p>
<p>&nbsp;</p>
<p>and the result so far...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141023_AMZN.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10-overflow/20141023_AMZN_0.jpg" width="600" height="637" /></a></p>
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http://www.zerohedge.com/news/2014-10-23/why-amazon-crashing-jeff-bezos-nightmare-quarters-charts#commentsAfter HoursThu, 23 Oct 2014 20:26:31 +0000Tyler Durden496123 at http://www.zerohedge.comNetflix Obliterated After Guiding To Half Expected Q4 EPS, Streaming Adds Hit Brick Wall: Stock Down $100http://www.zerohedge.com/news/2014-10-15/netflix-obliterated-after-guiding-half-expected-q4-eps-streaming-adds-hit-brick-wall
<p>Curious why Netflix is being obliterated after hours, plummeting to 5 month lows, down some $100, or 24% after hours after reporting earnings? The answer is highlighted in the Q3 investor letter, and specifically the red highlighted number, which is NFLX' guidance for Q4 EPS:</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/NFLX%20Q4_0.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/NFLX%20Q4_0_0.jpg" width="600" height="609" /></a></p>
<p>The problem is that the $0.44 guidance is about half of the $0.84 expected. </p>
<p>And that's not all: the 4.00 million net additions is about 700k below the expected, with domestic and international streaming adds of 1.85 million and 2.15 million, respectively, are below the 2.15 million and 2.38 million expected. In other words, the growth is over, and now the time has come to focus on actual earnings and cash flow... which sadly don't exist. </p>
<p>From the letter:</p>
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<p>We added about a million new members in the US, ending Q3 with 37.22 million members, with lower net additions than our forecast and versus the prior year. Domestic streaming revenue of $877 million, in-line with forecast, grew 25% y/y and faster than membership due to the expansion of ASP from the price changes implemented in Q2. </p>
<p>&nbsp;</p>
<p>Separate from forecast variability, year on year net additions in the US were down (1.3 million in Q3 2013 to 1 million in Q3 2014). <strong>As best we can tell, the primary cause is the slightly higher prices we now have compared to a year ago</strong>. Slightly higher prices result in slightly less growth, other things being equal, and this is manifested more clearly in higher adoption markets such as the US. </p>
<p>&nbsp;</p>
<p>We are forecasting Q4 US contribution margin to increase almost 500 basis points on a y/y basis, but to decrease slightly sequentially, as it did last year from Q3 to Q4, due to significant sequential increases in content and marketing expense. </p>
<p>&nbsp;</p>
<p>In September, we had a very successful launch in France, Germany, Austria, Switzerland, Belgium and Luxembourg, adding about 66 million1 broadband households to our addressable market. In recent days, our app has gone live on set-top boxes from SFR in France and Deutsche Telekom in Germany, and we expect&nbsp; deployments this quarter from Orange and Bouygues in France, and Belgacom in Belgium. We’ve had more success, more quickly, with MVPD set-top boxes in these new markets than anywhere else in the world. </p>
<p>&nbsp;</p>
<p>As expected, we have a full quarter of new market expenses weighing on our international contribution margins in Q4, increasing contribution loss from Q3 to Q4. Our international markets launched prior to this year (Canada 4 years ago through Netherlands 1 year ago) are now collectively profitable on a contribution basis and will continue to help us fund new markets. Moreover, contribution margin from our first expansion market, Canada, now approximates the US. </p>
<p>&nbsp;</p>
<p>Starting in January, we have to pay higher VAT in most of Europe due to changes in European law (country of origin to country of destination). We will absorb these increases rather than pass them on to our members. This absorption will be reflected in slightly lower international contribution margin/profit starting in Q1 than we would otherwise have.</p>
</blockquote>
<p>And then there is the whole free cash flow thing:</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/NFLX%20Cash%20Flow.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/NFLX%20Cash%20Flow_0.jpg" width="600" height="395" /></a></p>
<p>Finally, it wasn't just the guidance: Q3 domestic streaming adds was only 0.98 million, about 40% below the 1.37 million expected.</p>
<p>End result: the stock is in absolute freefall, down 24%</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10/20141015_NFLX3.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/10/20141015_NFLX3_0.jpg" width="600" height="457" /></a></p>
<p>&nbsp;</p>
<p>Expect epic liquidations from some of the largest NFLX holders tomorrow:</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/20141015_NFLXHDS.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/10/20141015_NFLXHDS_0.jpg" width="600" height="358" /></a></p>
<p>Don't worry, though: the future for NFLX is rosy, after all it's not like HBO is launching a standalone internet only service to compete directly with NFLX in a few months...</p>
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http://www.zerohedge.com/news/2014-10-15/netflix-obliterated-after-guiding-half-expected-q4-eps-streaming-adds-hit-brick-wall#commentsAfter HoursBelgiumFranceGermanyNetherlandsSwitzerlandWed, 15 Oct 2014 20:16:29 +0000Tyler Durden495739 at http://www.zerohedge.com